During 2016, Liang's Book Store paid $482,000 for land and built store in Detroit Prior to construction, the city of Detroit charged Liang's $1,700 for a building permit, which Liang's paid Liang's also paid $15.700 for architect's fees. The construction cost of $705.000 was financed by a long torm note payable with inforest cost of $30040 paid at completion of the project. The building was completed June 30, 2016 Liang's depreciates the building by the straight line method over 35 years, with estimated residual value of $340,000 Read the requirements Requirement 1. Journalize transactions for the following a. Purchase of the land b. All the costs chargeable to the bulding in a single entry, and c. Depreciation on the building for 2016 Explanations are not required. Record debits first, then credits Exclude explanations from any ouma entries) a. Journalize the purchase of the land Journal Entry Date Accounts Debit Credit c. Journalize depreciation on the building for 2016. Journal Entry Date Debit Credit Accounts Depreciation Expense-Building Accumulated Depreciation-Building 1. Journalize transactions for the following: a. Purchase of the land b. All the costs chargeable to the building in a single entry c. Depreciation on the building for 2016 Explanations are not required. 2. Report Liang's Book Store's plant assets on the company's balance sheet at December 31, 2016. 3. What will Liang's income statement for the year ended December 31, 2016, report for these facts